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Updated OFSI guidance on licenses for legal fees and expenses

Posted: 27 March 2018

The Office of Financial Sanctions Implementation (OFSI) recently updated section 3.4.1 of the Financial Sanctions Guidance.

The guidance now states that obtaining a license is encouraged rather than mandated before providing substantive legal services.

Obtaining a license in advance of providing services would create early certainty that 'reasonable' legal fees or expenses arising from the services could be recovered.

No payment by or on behalf of a designated person must be received in the absence of a licence from OFSI.

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